02.08.2018
Muehlhan AG DE000A0KD0F7
DGAP-News: Muehlhan AG: Muehlhan AG publishes results for the first half of 2018
DGAP-News: Muehlhan AG / Key word(s): Half Year Results
Muehlhan AG: Muehlhan AG publishes results for the first half of 2018
02.08.2018 / 08:36
The issuer is solely responsible for the content of this announcement.
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PRESS RELEASE
Muehlhan AG publishes results for the first half of 2018
- Business performance within expected range
- EUR123.6 million of sales revenue, EUR3.5 million of EBIT
Hamburg, August 2, 2018-From January through June 2018, Muehlhan AG (Open
Market; ISIN DE000A0KD0F7) generated sales revenues of EUR123.6 million
(previous year: EUR118.9 million) and profit from operations (EBIT) of
EUR3.5 million (previous year: EUR4.2 million). This decline was a result of
starting new activities in Denmark with the associated start-up costs and a
late start to the offshore season. Earnings attributable to the investors of
Muehlhan AG increased by EUR0.3 million to EUR1.9 million. Cash flow from
operating activities amounts to EUR1.7 million (previous year: EUR1.4
million).
A geographic review shows that sales revenue in Europe increased by EUR5.2
million to EUR96.0 million. EBIT in the region decreased from EUR5.7 million
to EUR4.6 million due to the late start to offshore activities in the North
Sea and start-up costs related to entry into the scaffolding market in
Denmark. In the Middle East, sales revenue declined by EUR0.7 million to
EUR10.1 million in the reporting period while EBIT increased considerably to
EUR0.9 million as it was possible to mitigate the negative effects of the
Qatar blockade. At EUR11.1 million, the Muehlhan Group's activities in North
America generated EUR0.9 million more of sales revenue in the first half of
2018 than in the previous year. EBIT developed positively, climbing from
EUR0.6 million last year to EUR0.8 million. In the Rest of the World, sales
revenue decreased against the prior-year period by EUR0.6 million to EUR6.3
million. EBIT declined slightly by EUR0.1 million to EUR0.8 million.
A market-based review shows that the Ship business segment improved in
profitability. With sales revenue decreased by EUR0.6 million to EUR28.2
million, EBIT increased from EUR2.2 million to EUR2.9 million. In the Oil &
Gas segment, a slight upturn in the market led to an increase in sales
revenue by EUR3.8 million to EUR38.8 million. EBIT increased accordingly
from EUR1.6 million to EUR2.1 million. The Renewables segment suffered the
lack of a follow-up order from a major project completed in the previous
year and the late start to the offshore season. This led to a decrease in
sales revenue by EUR4.2 million to EUR11.7 million. EBIT also decreased
perceptibly from EUR2.8 million to EUR-0.3 million in the reporting period.
The Industry/Infrastructure business posted sales revenues of EUR44.9
million for the period from the beginning of January to the end of June
2018, compared with EUR39.2 million for the same period of 2017. EBIT also
rose by EUR0.8 million to EUR1.9 million.
For 2018, Muehlhan stands by its published forecast that sales revenue will
remain constant at around EUR250 million and that EBIT will improve slightly
to between EUR8.5 million and EUR9.5 million compared with the same period
last year.
The company's key performance indicators are shown in the following table:
In EUR million 1st half of 1st half of
2018 2017
Results
Sales revenues 123.6 118.9
EBITDA1 7.5 7.9
EBIT2 3.5 4.2
EBT3 2.8 3.5
Consolidated income after 1.9 1.5
non-controlling interests
Earnings per share from continuing in 0.10 0.08
operations EUR
Cash inflow/outflow from operating 1.7 1.4
activities
Investment for property, plant and 6.1 5.5
equipment
Balance sheet 06/30/2018 12/31/2017
Total assets 155.2 145.5
Fixed assets4 64.5 61.7
Group equity 65.1 65.2
Consolidated equity ratio in % 41.9 44.9
Employees 1st half of 1st half of
2018 2017
Employees (annual average) numb- 2,965 2,864
er
1 EBITDA: Earnings before interest, taxes, depreciation and amortization
2 EBIT: Operating income (Earnings before interest and taxes)
3 EBT: Earnings before taxes
4 Fixed assets: Total of non-current assets less deferred tax assets
About Muehlhan: Worldwide, Muehlhan Group is a reliable partner in
industrial services. As one of the few full-service providers, we offer our
customers a broad range of services designed to meet the exacting quality
standards expected in professional industrial services. Our customers
benefit from our exceptional organizational skills, on-time delivery, the
technical expertise that differentiates us from our competitors, and our
more than 130 years of experience. We have an established market presence in
the four business segments in which we operate: Ship, Renewables, Oil & Gas,
and Industry/Infrastructure. Muehlhan AG is a listed company and is traded
on the Open Market under ISIN DE000A0KD0F7.
For more information, visit www.muehlhan.com
Contact: Muehlhan AG; phone: +49-40-752-7115-0; e-mail:
[email protected]
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02.08.2018 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Language: English
Company: Muehlhan AG
Schlinckstrasse 3
21107 Hamburg
Germany
Phone: +49 40 75271 0
Fax: +49 40 75271 130
E-mail: [email protected]
Internet: www.muehlhan.com
ISIN: DE000A0KD0F7
WKN: A0KD0F
Listed: Regulated Unofficial Market in Berlin, Dusseldorf,
Frankfurt (Basic Board), Hamburg, Munich, Stuttgart,
Tradegate Exchange
End of News DGAP News Service
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710337 02.08.2018
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